EXHIBIT 99.1
PRESS RELEASE
FOR RELEASE AUGUST 14, 2003 AT 2:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
BCSB Bankcorp, Inc.
BCSB BANKCORP, INC.
REPORTS RESULTS OF JUNE 30, 2003
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported an increase in year to date earnings of $230,000 to
$1.253 million for the 9 months ended June 30, 2003. The quarter's earnings were
$22,000, a decrease of $458,000 over the comparable quarter last year.
Gary C. Loraditch, President and CEO indicated the primary reason for the net
decrease in income for the quarter ending June 30, 2003 was the Company's
provision for loan losses, which was $786,000 for the quarter ended June 30,
2003, as compared to $140,000 for the comparable quarter in the prior year.
Substantially all of the increased provision was attributed to a commercial
loan, the collectibility of which was in doubt at the end of the quarter. The
Company continues to negotiate a workout agreement with the borrower pursuant to
which it would seek to collect the delinquent loan. Thus, the Company
established a provision for loan losses equal to the entire amount of the loan
during the quarter ended June 30, 2003.
President Loraditch also noted that consolidated assets continue to grow
resulting in a $52.6 million increase for the first nine months of the fiscal
year. In addition to growth in assets, the Company reported an increase of $
48.7 million in deposit accounts at the Bank's 16 locations for the 9 months
ending June 30, 2003. Likewise, stockholder equity for the first nine months of
the year has increased $ 740,000.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB
which was founded in 1955. The Bank operates sixteen offices throughout the
Baltimore metropolitan area. BCSB Bankcorp, Inc. became a publicly traded mutual
holding company in July 1998.
This press release contains statements that are forward-looking, as that term is
defined by the Private Securities Litigation Reform Act of 1995 or the
Securities and Exchange Commission in its rules, regulations, and releases. The
company intends that such forward-looking statements be subject to the safe
harbors created thereby. All forward-looking statements are based on current
expectations regarding important risk factors, including but not limited to real
estate values, local and national economic conditions and the impact of interest
rates on financing. Accordingly, actual results may differ from those expressed
in the forward-looking statements, and the making of such statements should not
be regarded as a representation by the company or any other person that results
expressed therein will be achieved. The Company does not undertake, and
specifically disclaims any obligation, to publicly release the result of any
revisions that may be made to any forward-looking statements to reflect events
or circumstances after the date of such statements or to reflect the occurrence
of anticipated or unanticipated events.
BCSB Bankcorp, Inc.
Summary of Financial Highlights
Consolidated Statements of Financial Condition
(Unaudited)
June 30, 2003 Sept 30, 2002
(Dollars in Thousands)
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ASSETS
Cash, equivalents and time deposits $ 25,031 $ 25,803
Investment Securities 120,339 49,579
Loans and Mortgage Backed Securities 474,852 490,719
Other Assets 19,522 20,964
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TOTAL ASSETS $639,744 $587,065
LIABILITIES
Deposits $547,483 $498,785
Borrowed Money 23,818 26,968
Trust Preferred Securities 12,500 12,500
Other Liabilities 9,897 3,507
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TOTAL LIABILITIES $593,698 $541,760
TOTAL STOCKHOLDERS' EQUITY 46,046 45,305
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY $639,744 $587,065
Consolidated Statements of Operations
(Unaudited)
9 Months ended June 30 3 Months ended June 30
2003 2002 2003 2002
(Dollars in Thousands) (Dollars in Thousands)
---------------------- ----------------------
Interest Income $25,529 $20,144 $ 8,193 $ 6,865
Interest Expense 12,226 10,925 3,995 3,572
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Net Interest Income $13,303 $ 9,219 $ 4,198 $ 3,293
Provision for Loan Losses 1,198 209 786 140
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Net Int. Income After Provision for Loan Losses $12,105 $ 9,010 $ 3,412 $ 3,153
Total Non-Interest Income 1,344 721 392 260
Total Non-Interest Expense 11,426 8,060 3,771 2,630
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Income Before Income Taxes $ 2,023 $ 1,671 $ 33 $ 783
Income Tax Provision 770 647 11 303
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NET INCOME $ 1,253 $ 1,024 $ 22 $ 480
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Basic Earnings Per Share $ 0.22 $ 0.18 $ 0.00 $ 0.09
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Diluted Earnings Per Share $ 0.22 $ 0.18 $ 0.00 $ 0.08
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